Gold holds up following Monday’s Doji

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HotForex Market Review
HotForex Market Review

XAUUSD, H1 & Daily

Gold prices peaked at 1212.60 yesterday before a sharp decline to the key 1200.00 level and then turned positive again during the Asian trading session. So far today, the bid has continued and topped at 1208.50, with first Resistance (R1) at $1209.20 and Support at the daily pivot point $1204.50. The EMA Crossing Strategy triggered (1, 2, 3 & 4) at 06:00 today, the ATR (3) suggested a Target 1 (6) at 1207.07 with a stop loss around the turn in the market (5) at 1202.00 and a weak risk reward of 1.

On the higher daily time frame the gold price has held north of it’s key 20 day moving average all week. Today we are are half way through the trading month, which has marked a key point in the gold market so far this year. Mid-April (Wednesday April 11) marked a 2018 high at 1365.25, the downtrend triggered the following week (Friday April 20) and ran until mid August (Tuesday August 16). Tuesday May 15, Friday June 15 and Tuesday July 17 all marked key trading days with large negative candles as the trend ran its course.

Today, Friday September 14, and the daily chart remains relatively positive, although in a sideways mode. Support is now at 1195.00 and 1185.00 with a strong resistance at 1215.00, where the upper Bollinger Band, 50 day moving average and the 23.6 Fibonacci level all coincide.

A break of these levels will be necessary for the next trend in the gold market. The close today and Midweek, next week, could be interesting.

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Stuart Cowell

Head Market Analyst

HotForex

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